22 November 2023
Access to personal loans and credit cards might become costlier for those with a credit score below 750 or those who have defaulted or are late on their payments, say experts. This is because the Reserve Bank of India (RBI) has increased the risk weightage on personal loans and credit card receivables by 25 percentage points for banks and Non-Banking Financial Companies (NBFCs), which means that financial institutions have to set aside more capital for such loans now.
Access to personal loans and credit cards might become costlier for those with a credit score below 750 or those who have defaulted or are late on their payments, say experts. This is because the Reserve Bank of India (RBI) has increased the risk weightage on personal loans and credit card receivables by 25 percentage points for banks and Non-Banking Financial Companies (NBFCs), which means that financial institutions have to set aside more capital for such loans now.
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